Friday, May 31, 2024

BIOGNOSYS LAUNCHES SPECTRONAUT 19 AND PRESENTS ADVANCES WITH ITS RESEARCH PLATFORMS AT THE ASMS 2024 ANNUAL CONFERENCE

· Spectronaut® 19 offers significant improvements in identifications, candidate discovery, scalability for large-scale analysis, and support for novel workflows· Novel TrueDiscovery® P2 Plasma Enrichment method offers market-leading performance and superior economics for unbiased, deep plasma proteomics
· New TrueTarget® high-throughput LiP-MS workflow enables large-scale drug target deconvolution screening with improved target identification
· DigitalProteome™ database and Proteoverse™ data exploration tool help extract biological insights for biopharma research

ZURICH, Switzerland and NEWTON, Mass., May 31 (Bernama-GLOBE NEWSWIRE) -- Biognosys, a leading inventor and developer of mass spectrometry-based proteomics solutions, has announced the company’s attendance at the American Society for Mass Spectrometry (ASMS) Annual Conference from June 2nd to June 6th in Anaheim, CA, where the company will launch Spectronaut 19 and present major scientific and technological advances for its proprietary proteomics research software, services, and data insights solutions.

Biognosys’ scientific presence includes two breakfast seminars, four oral presentations, and eleven posters. In addition, their team of scientific experts will be present at booth #314. Further, Biognosys will participate in the activities of its strategic partner, Bruker, showcasing a comprehensive ecosystem of proteomics solutions at Bruker’s eXceed Symposia, “Multiomics solutions for the post-genomic era” on Sunday, June 2nd, and Hospitality Suite from Sunday, June 2nd until Wednesday, June 5th.

Spectronaut® 19: Unleashing the Power of AI for Deep, Fast, and Scalable DIA Analysis

This latest release of Biognosys’ flagship software for DIA analysis comes with significant improvements in peptide and protein level identifications, increased depth of candidates' discovery rate, scalability for large-scale analysis and enterprise use, and extended support for novel workflows.

“While this is one of the feature richest releases we ever had, it’s the improvement in quantification that stands out in Spectronaut 19,” said Lukas Reiter, Ph.D., Chief Technology Officer of Biognosys. “We invested a lot in understanding quantification better, which has clearly paid off. In terms of technologies, improved AI models had a significant impact on this year’s release.”

Jun.-Prof. Dr. Florian Meier-Rosar from University Hospital Jena (UKJ), Faculty of Medicine, stated: “Spectronaut is a great fit for our DIA projects. Its directDIA workflow combines ease of use with reliable quantification which suits our needs when studying protein abundance and post-translational modifications at scale.”

Yansheng Liu, Ph.D., Associate Professor at Yale University School of Medicine, Department of Pharmacology, commented: “Spectronaut is our preferred DIA analysis software due to its high performance and user-friendly interface, which makes analyzing our complex and multiplex DIA datasets both easy and reliable.”

Biognosys’ Breakfast Seminar, “Spectronaut 19: Unlock your data’s true story” on Tuesday, June 4th is entirely dedicated to this release, featuring presentations by Prof. Josh Coon from University of Wisconsin-Madison, titled “Single-Shot DIA Proteome Analysis: The New Gold Standard for Quantitative Proteomics”, and Denys Oliinyk from Jena University Hospital, titled “Towards High-dimensional Phosphoproteomics with Data-independent Acquisition and µPhos”. In addition, the company will present 3 orals and 3 posters highlighting recent improvements in Spectronaut.

TrueDiscovery®: now enhanced with groundbreaking P2 Plasma Enrichment technology for unbiased, deep plasma proteomics

Biognosys is launching a novel, proprietary P2 Plasma Enrichment method for single-well, single particle-type based enrichment with market-leading performance and superior economics. The method offers excellent quantitation and higher throughput for large-cohort biomarker or drug discovery studies, and clinical, epidemiological, or population proteomics research. The P2 Plasma Enrichment workflow will be available as a CRO service via Biognosys’ TrueDiscovery® platform, or as an in-house method for high-performance mass spectrometry end-users via licensing.

The technical features and performance data will be presented on Wednesday, June 5th during the WP 084 poster session and on Monday, June 3rd during Biognosys’ Breakfast Seminar, “Accelerating Drug Discovery and Development with Biognosys’ Next-Generation Proteomics Services”. This seminar also features presentations by Eric Kuhn from Kymera Therapeutics on “Mass Spectrometry-Based Approaches to Targeted Protein Degradation Drug Discovery and Development” and Alan Shomo from Biogen on “Development of a Quantitative CSF LRRK2 Assay to Support Clinical Studies”.

TrueTarget®: introducing a high-throughput workflow for large-scale drug target deconvolution screening

A critical challenge in drug development is the high failure rate of candidate drugs in clinical trials. Identifying drug targets and potential off-targets efficiently is crucial. Biognosys' TrueTarget® platform, powered by limited proteolysis mass spectrometry (LiP-MS), is a powerful tool for unbiased drug target identification, that is available both as contract research service and licensing option. To facilitate its use for large-scale screening, Biognosys developed an innovative, LiP-MS-HT protocol for automated high-throughput drug target deconvolution that achieves improved target identification and reduced measurement time, with high reproducibility and quantitative precision. Biognosys will present the new LiP-MS-HT workflow during the ThOH Oral Session on Thursday, June 6th.

DigitalProteome™ and Proteoverse™: turning data into biological insights for biopharma research

Biognosys’ new data insights solution, DigitalProteome™, provides valuable insights into protein expression and significantly enhances in-vivo biomarker discovery and drug development studies. The database includes proteome profiles from 22 healthy tissues from humans, mice, and rats and is readily available as an off-the-shelf library. The key characteristics of the DigitalProteome™ database will be presented on Wednesday, June 5th during the WP 070 poster session. The resource is available for biopharma research via licensing.

To make the rich mass spectrometry data produced by Biognosys' research service platforms even more accessible and actionable, customers can access the novel Proteoverse™ platform for data visualization and exploration to swiftly extract valuable biological insights, identify key analytes from thousands of proteins, explore peptide-level structures, and examine their biological relevance. The tool will be presented on Thursday, June 6th during the ThP 119 poster session. The tool is initially available as a free-of-charge service alongside Biognosys' TrueDiscovery® research projects.

Visit https://biognosys.com/asms2024 for a complete overview of Biognosys’ presence at ASMS. Posters will be available for download by Friday, June 7.

About Spectronaut®

Spectronaut is Biognosys’ flagship data analysis software for data-independent acquisition (DIA) mass spectrometry (MS) based proteomics.

The software employs advanced Search and Artificial Intelligence (AI) algorithms to translate data into actionable insights for life science research. Spectronaut enables reproducible and precise quantification of thousands of proteins in a single experiment and provides multi-dimensional insights into protein expression, function, and structure across all major biological species and sample types. For more information, visit spectronaut.com.

About TrueDiscovery®

The Biognosys TrueDiscovery platform offers integrated proteomics solutions across the entire drug development pipeline.

TrueDiscovery is powered by Hyper Reaction Monitoring (HRM) mass spectrometry, an advanced Data Independent Acquisition (DIA)-based protein quantification technology co-invented and patented by Biognosys.

TrueDiscovery is the only platform that searches the complete proteome to quantify thousands of the most relevant proteins, including an unlimited number of proteoforms. The platform enables the deepest unbiased profiling of tissue and biofluids proteomes with unbeatable specificity on a large scale. The generated data are highly reproducible and easily transferrable to clinical assays. Studies can be performed in a GCP compliant environment. For more information, visit truediscovery.bio.

About TrueTarget®

The Biognosys TrueTarget proteomics platform uniquely addresses the most pressing challenges in early drug discovery by identifying on- and off-targets to accelerate and de-risk drug development throughout the pipeline.

TrueTarget is powered by Limited Proteolysis Mass Spectrometry (LiP-MS), a proprietary, patented chemoproteomics technology co-developed by Biognosys. TrueTarget™ is the only tool to probe structural changes across the complete proteome with peptide-level resolution, providing unique insights into compound binding and target identification.

The platform enables elucidating mechanisms of action and revealing unanticipated toxicities. For more information, visit truetarget.bio.

About Biognosys

At Biognosys, we believe that deep proteome insights hold the key to breakthrough discoveries that transform science for better lives. With our versatile portfolio of next-generation proteomics solutions, including the TrueDiscovery®, TrueTarget®, and TrueSignature® research service platforms, our flagship software Spectronaut®, and the PQ500™ kit, we make the proteome actionable to empower research, drug development, and clinical decision-making. Our solutions provide a multi-dimensional view of protein expression, function, and structure in all biological species and sample types. Our unique, patented technologies utilize high-resolution mass spectrometry to quantify thousands of proteins with industry-leading precision, depth, and throughput. Through our strategic partnership with Bruker (Nasdaq: BRKR), we make proteomics globally accessible. For more information, visit biognosys.com.

A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/940b0780-73b6-4c45-84f0-3541e3539ee7

Media Contact

Yves Serroen
Head of Marketing and Communications
Phone +41 (0) 44 244 50 07
yves.serroen@biognosys.com

Source: Biognosys AG

--BERNAMA

FORTREA INTRODUCES COMPREHENSIVE SOLUTION TO IMPROVE DIVERSITY AND INCLUSION IN CLINICAL RESEARCH

Leverages real-world data, patient insights and a systematic process to design, operationalize and measure the effectiveness of diversity action plans in clinical trials

DURHAM, N.C., May 31 (Bernama-GLOBE NEWSWIRE) --
Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced its comprehensive and integrated solution to improve the diversity and inclusion (D&I) of participants in clinical trials. Fortrea’s D&I solution is designed to expand patient access to participate in clinical trials and address the U.S. Food and Drug Administration (FDA) requirements, under The Food and Drug Omnibus Reform Act, to increase enrollment of underrepresented populations in clinical trials.

Fortrea’s comprehensive process integrates five components of diversity action planning and execution:

· Real-world evidence advisors research relevant real-world data sets to inform diversity planning.
· Regulatory, development and clinical operational experts design the Diversity Action Plan, validate with patient groups and negotiate with regulators.
· Operational teams access multiple data platforms, Fortrea’s Site Advisory Board and technology-enabled solutions to implement the Diversity Action Plan as an integral part of Fortrea’s clinical trial execution.
· Monitoring and reporting are enabled by Fortrea’s exclusive Diversity and Inclusion Study Insights Dashboard, providing actionable data and visualizations for ongoing study management.
· Experienced report technical writers compile data and prepare reports for regulatory submission, with ongoing regulatory support provided as part of the D&I solution.

"Clinical research that reflects a representative population provides better insight into how a potential treatment will work in a real-world setting,” said John Doyle, DrPH, president Fortrea Consulting. "Recent regulatory requirements codify progress over the last few years in biopharma’s approach to improving the inclusion of diverse populations in their development programs. Fortrea’s solution brings deep, real-world data expertise to design D&I plans that are effective and realistic, along with more than 30 years of experience across more than 20 therapeutic areas in trial execution. We also bring a steadfast commitment to D&I, not just in clinical trials but across our entire company as we pursue our purpose of bringing life-changing treatments to patients faster."

Fortrea’s D&I solution incorporates a series of proprietary tools, including epidemiological and feasibility assessments that leverage an exclusive combination of large data sets. The solution also integrates inputs from patient groups to create insights into protocol tolerance and study conduct support requirements in different patient populations across multiple therapy areas and geographies. These insights inform global and local patient recruitment and retention plans to reach under-represented patient populations and address barriers to participation in clinical trials.

“Ensuring the inclusion of diverse patient populations in clinical trials must go beyond a plan, it takes insight and action,” said Mark Morais, chief operating officer, Fortrea. “Because of our comprehensive Voice of Patient program and our collaboration with diverse investigator sites and site networks, we have a deep understanding of what it takes to be successful in reaching populations that have traditionally been under-represented in clinical trials. At Fortrea, we are informed by real-world data, enabled by innovative technologies, and driven by our passion to deliver new therapies for all patients.”

Please visit Diversity and Inclusion in Clinical Trials on Fortrea.com for more information.

About Fortrea

Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development and patient access solutions to the life sciences industry. We partner with emerging and large biopharmaceutical, biotechnology, medical device and diagnostic companies to drive healthcare innovation that accelerates life-changing therapies to patients. Fortrea provides phase I-IV clinical trial management, clinical pharmacology, consulting services, differentiated technology enabled trial solutions and post-approval services.

Fortrea’s solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network. Our talented and diverse team working in more than 90 countries is scaled to deliver focused and agile solutions to customers globally.

Learn more about how Fortrea is becoming a transformative force from pipeline to patient at Fortrea.com and follow us on LinkedIn and X (formerly Twitter) @Fortrea.

Fortrea Contacts:
Fortrea Media: Galen Wilson – 703-298-0802, media@fortrea.com
Fortrea Media: Kate Dillon – 646-818-9115, kdillon@prosek.com

Source: Fortrea Holdings Inc

--BERNAMA

Thursday, May 30, 2024

MUTUAL BENEFIT GROUP WINS DUCK CREEK STANDARD OF EXCELLENCE CUSTOMER AWARD AT FORMATION '24

Mutual Benefit Group (MBG) Takes Home the Standard of Excellence Customer Award for the Integration of SPLICE Software with Duck Creek OnDemand Claims.

BOSTON, May 30 (Bernama-GLOBE NEWSWIRE) -- Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, chose Mutual Benefit Group (MBG) as a 2024 Standard of Excellence Customer Award winner at Formation ’24 in Dallas.

The Duck Creek Standard of Excellence Customer Awards recognize customers who have achieved the highest level of excellence through their implementation of Duck Creek solutions and who have a vision to advance their business, while reimagining the future of insurance.

MBG earned the Standard of Excellence Customer Award for integrating the SPLICE Software texting solution and SPLICE NPS Survey Solution with Duck Creek OnDemand Claims.

MBG was looking to improve its claim process to be more personalized and proactive with its policyholders by keeping them informed at every point of the journey. MBG leveraged the Duck Creek and SPLICE partnership and integration to elevate the claims experience. This allowed MBG to utilize an innovative claims solution while ensuring their clients are kept well informed with the right data at the right time.

MBG was introduced to SPLICE at the Duck Creek Technologies 2022 Formation Conference in Orlando, Florida. SPLICE offers automated customer experience communication products – namely an innovative, automated texting solution. The goal of this project was to support MBG’s digital transformation by adopting this strategic communication program.

Today, MBG continually keeps their claims customers informed with text through thirteen different touchpoints of the claim. The Duck Creek platform was also configured to automatically document the claim file when the SPLICE notification is sent and logs any errors that may occur.

The versatility and support of both SPLICE and Duck Creek allowed MBG to fully integrate and automate messages while retaining the ability to manually trigger text messages as well. Having a compliant text message solution with personalization features and an out-of-the-box integration that could still be customized easily to work with MBG’s data and needs has saved time for MBG employees while keeping everything within Duck Creek without sacrificing MBG’s core values and protecting policyholders’ economic well-being, security, and existing relationships.

“Mutual Benefit Group (MBG) is a company that truly cares about the policyholder experience,” said Jenna Ha, VP Operations, MBG. “They have worked with SPLICE on ensuring policyholders are kept up-to-date with the right information and at the right time, and has implemented our Thrive™ survey application and program to constantly improve both internal and policyholder experiences. SPLICE is excited to continue working with MBG on further customer and employee experience initiatives.”

Duck Creek celebrates MBG’s incredible success in the P&C Insurance Industry.

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.

About MBG

MBG is dedicated to creating an insurance experience that benefits you. We have been providing insurance coverage for automobiles, homes, and businesses since 1908; we work diligently each day to help build and protect your economic well-being and provide for your security. We are known for our strong relationships with policyholders and agents; for our responsive, friendly, knowledgeable staff; and for claims service that consistently garners a high level of satisfaction, notably 97.5% based on 2022 policyholder surveys.

Media Contacts:
Carley Bunch
carley.bunch@duckcreek.com

Source: Duck Creek Technologies

--BERNAMA

GLOBAL LEADERS GATHER TO EXCHANGE BEST PRACTICES IN LIVER HEALTH POLICY

Global Liver Institute Convenes Fruitful Meeting on the Sidelines of WHA77

Geneva, Switzerland, May 30 (Bernama-GLOBE NEWSWIRE) -- Global Liver Institute (GLI) convened esteemed global leaders for an event on the sidelines of the 77th World Health Assembly in Geneva, Switzerland, entitled “Together for Better Liver Health: Amplifying Best Practices Globally,” in partnership with the European Association for the Study of the Liver (EASL). Now in its second year, this exclusive gathering has quickly attracted health leaders from around the world to become a driving force for liver health policy initiatives.
To complement the event, GLI released Best Practices in Liver Health Policy: A Liver Health is Public Health Report, which evaluates successes that certain countries have had in liver health policy to give insight and promote effective policies worldwide. The report highlights persistent challenges that patients face globally and thoughtful, thorough policies that address these challenges. Drawing examples from Egypt, India, Ireland, Scotland, and Türkiye, it showcases measures such as utilizing primary care data to screen high-risk populations and integrating fatty liver disease into national programs targeting non-communicable diseases.
The more than 100 types of liver disease- driven by a variety of causes from genetic, to viral, to over-exposure to toxic substances – pose substantial challenges for global communities and the health systems that serve them:

· Liver disease causes 2 million deaths per year around the globe.
· An estimated 1.5 billion people in the world have chronic liver disease – an increase of 13% since the beginning of the millennium.
· About 70% of liver cancer is preventable – yet it still faces late diagnosis rates and poor prognosis.
· Even rare liver diseases appear to be rising in prevalence; in Germany, for instance, the prevalence of the rare disease primary sclerosing cholangitis has risen by around 30% in less than five years.

“We are so grateful to work with such an enduring partner, EASL, and the expert panelists featured, to showcase how addressing liver health aligns with achieving major global public health priorities,” shared Donna R. Cryer, JD, CEO of GLI. “We launched the Liver Health is Public Health Initiative in the UK in 2022 hoping to engage and inspire international leaders and health ministers to deploy the diverse and powerful array of public health tools available to them to the tasks of preventing, identifying, and treating the millions at-risk or living with liver diseases and today is a significant milestone.
In a remarkable display of multi-stakeholder partnership and progress built upon the success of the inaugural event, the event demonstrated the expansion and elevation of the collaboration. For a full list of speakers, including key government figures in health as well as the leaders of internationally renowned organizations, please view the program agenda.
“We are happy to co-host this event alongside GLI and look forward to seeing its reverberating global impact,” shared Aleksander Krag, MD, PhD, MBA; Secretary General, EASL. “It is critical that this event happens in Geneva, Switzerland, on the sidelines of the 77th World Health Assembly, while leaders from each member state work together to prepare next year’s health agenda.”

Attachment
· Together for Better Liver Health

Christine Maalouf
Global Liver Institute
cmaalouf@globalliver.org

Source: Global Liver Institute

--BERNAMA

MALAYSIA CELEBRATES PRODUCTIVITY EXCELLENCE AT ASIAN PRODUCTIVITY ORGANISATION (APO) WELCOME DINNER

 



The Productivity Champion line-up consists of the public and private sectors poses together with VIPs (from right; Zahid Ismail, Director General of Malaysia Productivity Corporation (MPC), Datuk Kamaruzzaman Johari, Chairman of Malaysia Productivity Corporation (MPC), Dr. Indra Pradana Singawinata, Secretary-General of Asian Productivity Organisation (APO), and Jone Maritino Nemani, APO Chair).
 

KUALA LUMPUR, May 30 (Bernama) -- Malaysia celebrated 52 outstanding organizations and individuals for their remarkable contributions to productivity excellence at the 66th Asian Productivity Organisation (APO) Governing Body Welcome Dinner.

Themed “Celebrating Productivity Excellence,” the dinner coincided with the 66th APO Governing Body Meeting (GBM), held from May 28th to 30th, 2024. This year, Malaysia proudly hosted delegates from 20 member countries.

A highlight of the evening was the recognition of Malaysia Productivity Corporation (MPC)’s former Director General, Dato’ Abdul Latif Haji Abu Seman, who received the APO National Award for Productivity Technical Experts. His leadership significantly advanced MPC’s initiatives in regulatory reform, talent development, and technology adoption, enhancing Malaysia’s productivity and competitiveness.

MPC’s Director General, Zahid Ismail, stated, “It is fitting to honour those who have excelled in driving productivity at various levels during the APO GBM.”

“Tonight, we honour 28 companies for the Sustainable Shared Prosperity Organisation Assessment (SSPOA), 10 projects with the Best Productivity Improvement Project Recognition 2023, and 10 individuals as Productivity Champions in the Leader category,” Zahid added.

MPC Chairman, Datuk Kamaruzzaman Johari, echoed these sentiments, emphasising the importance of fostering a culture of continuous improvement and innovation.

“Productivity is about more than efficiency; it’s about nurturing creativity, collaboration, and mutual respect,” he said.

The SSPOA recognition highlighted companies that excel in productivity gain sharing and adhere to environmental, social, and governance (ESG) principles. These companies were assessed on People, Process, Product, Prosperity, and Planet criteria. The Productivity Champion initiative continues to build a network of productivity leaders across various sectors.

The Best Productivity Improvement Project Recognition 2023 honoured 10 projects from 44 organizations, collectively saving RM757 million in costs last year.

The APO delegates will be in Malaysia until May 30th, 2024, participating in meetings and experiential learning programme. Hosting the 66th GBM underscores Malaysia’s commitment to regional collaboration for sustainable economic growth.

About Malaysia Productivity Corporation (MPC)
MPC is a statutory body under the Ministry of Investment, Trade and Industry (MITI). It drives national productivity holistically at the national, sectoral, and enterprise levels through three main thrusts: developing future talent, driving digitization and innovation, and building a robust ecosystem. It collaborates strategically with the private and public sectors by emphasising productivity as a key agenda to boost productivity growth and national competitiveness, ultimately leading to shared well-being and prosperity.

SOURCE: Malaysia Productivity Corporation (MPC)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Mazuin Dahlan
Tel: 012-3006444
Email: mazuin@mpc.gov.my

Name: Noor Izzati Kamis
Tel: 012-2867346
Email: noorizzati@mpc.gov.my

--BERNAMA

Sunday, May 26, 2024

MetaHomes Collaboration With Artist Roy Wang Cements Commitment To Cultural Integration, Innovation

KUALA LUMPUR, May 23 (Bernama) -- MetaHomes recently had the privilege of taking part in the "Chinese Dragon" large-scale light painting creation event, hosted by world-renowned light painting artist Roy Wang, in Dubai.

In a statement, MetaHomes said this collaboration added a touch of Chinese culture to Dubai's vibrant art landscape, further cementing the company' commitment to cultural integration and innovation.

This event underscored MetaHomes' commitment to creating a unique cultural and high-quality life service experience for its users.

MetaHomes Chief Executive Officer, Jerry Wu said collaborating with Wang has been an incredible opportunity for MetaHomes as his artistic vision and the company’s technological innovations together create a unique blend of art and real estate.

“This partnership reflects our ongoing commitment to cultural enrichment and technological advancement," said Wu.

Meanwhile, Wang, a dignitary in his field, said participating in this event with MetaHomes has been an extraordinary experience.

“Dubai's unique multicultural character provides an ideal backdrop for artistic innovation, and I am excited to see how our combined efforts will enhance the real estate landscape here,” he added.

During the event, MetaHomes highlighted its innovative platform features, including its artificial intelligence (AI) and virtual reality-powered system, as well as its brand identity, Kylin, a thoughtfully developed cultural AI mascot.

As MetaHomes' brand ambassador, Kylin reflects the company's image while drawing inspiration from the rich heritage of Chinese traditional culture, in which this mascot serves as a user-friendly guide, empowering clients to make informed and cost-effective real estate decisions.

Through this approach, MetaHomes strives to not only offer cutting-edge technological solutions but also foster a welcoming and approachable user experience. Notably, Kylin complements Roy Wang's "Chinese Dragon" light painting work by injecting new life into Dubai's cultural exchanges and symbolising MetaHomes' innovative approach to real estate solutions.

-- BERNAMA

Friday, May 24, 2024

Oaktree Takes Over Inter Milan After Missed Payment

KUALA LUMPUR, May 23 (Bernama) -- Oaktree Capital Management L.P. (Oaktree) has taken over FC Internazionale Milano (Inter Milan) after the Serie A champions' Chinese owner defaulted on a loan with a balance of 395 million euros. (1 euro = RM5.09)

In a statement, Oaktree said it assumed ownership of Inter following the non-repayment of a three-year loan to Inter Milan's holding companies that matured on May 21.

“As new owners, we recognise our responsibility to Inter Milan’s community, history and legacy. Our initial focus is operational and financial stability.

“We have great respect for Inter Milan's management team and look forward to working closely with them to provide strong leadership for the club,” said Oaktree Managing Director and Co-Head of Europe for Global Opportunities strategy Alejandro Cano.

In May 2021, Oaktree provided the club’s holding companies with rescue capital to stabilise its financial situation and enable it to continue operating, including to pay its players and employees.

In the three years since Oaktree’s rescue financing, Inter has lifted its eighth and ninth Coppa Italia, secured its sixth, seventh, and eighth Supercoppa, earned its 20th Scudetto title and historic second star, and reached the UEFA Champions League final for the first time since 2010.

Oaktree is dedicated to achieving the best outcome for the long-term prosperity of Inter Milan, with an initial focus on operational and financial stability for the club and its stakeholders as well as values the legacy, the passion of the players, the loyalty of the fans, and the its significant role in Milan, Italy and the global sporting community.

The firm is committed to working closely with Inter Milan’s current management team, partners, the league and governing bodies to ensure the club is positioned for success on and off the pitch; focusing on robust management, operations and governance with a vision for sustainable growth and success.

A leader among global investment managers specialising in alternative investments, Oaktree emphasises a value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities.

-- BERNAMA